This chemical is primarily utilized as a chelating agent, effectively binding to metal ions to form stable complexes. It is commonly applied in biochemical and biomedical research to sequester calcium and other divalent cations, which is essential in studying calcium-dependent processes in cells. Its ability to tightly bind metal ions makes it valuable in buffering systems to maintain low concentrations of free metal ions in experimental setups. Additionally, it is used in industrial processes where metal ion control is critical, such as in water treatment and the stabilization of certain formulations. Its chelating properties also find applications in analytical chemistry for metal ion detection and quantification.